DPR rescued Nigerian govt, remitted funds for April allocations to states — Sylva
The Minister of State for Petroleum Resources, Timipre Sylva has revealed that the Department of Petroleum Resources, DPR, rescued Nigeria from a financial crisis by remitting funds to the Federation Account Allocation Committee, FAAC, in April.
This was disclosed by the minister in an interview with newsmen in Abuja.
It will be recalled that in April the Nigerian National Petroleum Corporation, NNPC, had indicated that it would not make any remittance for the April and May FAAC after paying fuel subsidy from its revenue.
Mr Sylva noted that since the DPR collected royalties on behalf of the federal government, it was able to fill the vacuum left by the NNPC in contributing to the federation account.
The minister did not mention the exact amount the DPR provided but said that revenue from marginal field programmes were of use when the nation was in dire need of funds to share among the federating units.
According to Mr Sylva, the government backtracked on petrol subsidy removal due to the backlash from marketers when the price of the commodity increased.
